On Sunday, OpenSea had a record-breaking day volume of $261 million. So far this month, OpenSea has averaged $169 million in daily trade volume.
With two weeks remaining in January, nonfungible token (NFT) marketplace OpenSea’s monthly trade volume in Ether (ETH) has surpassed $3.5 billion for the first time.
According to Dune Analytics data, OpenSea has already eclipsed the all-time high of $3.42 billion set in August 2021 to record a new all-time high in Ether trading volume, surpassing the $3.5 billion mark.
According to Dune Analytics, OpenSea had a record-high volume of $261 million on Sunday. Each day in January, OpenSea has exceeded $169 million in trade volume.
The price increase in Bored Ape Yacht Club (BAYC) and its sibling collections, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAYC), appears to be fueling the surge in NFT trade volume (BAKC). BAYC, which has many celebrity owners, remains the most popular NFT collection on OpenSea, with 14,306 ETH (almost $47 million in current market value) transferred in the last 24 hours.
Early this year, OpenSea announced a $300 million Series C investment round led by venture capital companies Paradigm and Coatue. The new funds increased the company’s valuation to $13.3 billion, with the objective of using them to improve products and increase employee numbers.
However, new participants are swiftly gaining pace on OpenSea, with LooksRare — a new NFT marketplace created earlier this month that is now beating OpenSea in terms of trading volumes, according to Dune Analytics data – standing out. However, early reports indicate that the platform is teeming with wash trade to manipulate the token-based rewards system.
In other developments, Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, earned a million dollars by converting 1,000 selfies into NFTs and selling them on Opensea.